90596 - Venture Capital e Private Equity

Learning outcomes

The course aims at presenting how companies can raise capital for their development and deals with the phases of the life cycle of companies, from the start-up phase to growth and to maturity. After completing the course based also on educational materials in English, the student will know the whole process of investment in venture capital according to both the investor perspective (fundraising, screening and evaluation of investments, deal structuring, shareholding monitoring and divestment) and to the company perspective (seasoned equity offerings, sale of shares, diversification of assets, generational change).

Course contents

Introduction to Venture Capital and Private Equity

Life cycle of the business and financial needs

Organizational models of investment funds

Investment policies, performance and incentives of fund managers

Main evaluation criteria

LBO and use of leverage among economic value and financial difficulties

Management, monitoring and optimization of the investment

The term sheet: agreements and negotiation of the main clauses

Disinvestment

Hints to turnaround funds and opportunistic investors

Readings/Bibliography

Reading material will be distributed during the course. Slides will be available on the platform “Insegnamenti on line”. As attending the course is not mandatory, there is no difference between attending students and not attending students.

Anna Gervasoni, Fabio L.Sattin “ Private Equity e Venture Capital”, Guerini Next, 2015.

Reading material will be distributed during the course.

Teaching methods

Lectures

Analysis and discussion of case studies drafted mostly in English

Testimonials from some qualified operators

Assessment methods

Valuation is based on a written exam.

The exam is based on Multiple Choices, one or more exercises and/or 1 open question. The total exam usually lasts 60 minutes.

PLEASE NOTE: The assessment methods indicated may change based on the evolution of the health emergency.

Graduation grid of marks:

- 18-23: sufficient preparation and analytical skills on a limited number of topics covered in the course.

- 24-27: adequate preparation and analytical skills but with some limitations; good operational skills, even if not particularly articulated.

- 28-30: very good knowledge of many topics covered in the course; good operational and critical skills.

- 30L: excellent and exhaustive knowledge of the topics covered in the course; critical analysis and connection skills.

 

Teaching tools

The teaching tools are the projector and the blackboard for exercises.

Office hours

See the website of Massimo Spisni